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Capital Controls and Monetary Policy in Developing CountriesThis paper looks at both the t

Capital Controls and Monetary Policy in Developing Countries

This paper looks at both the theoretical and empirical literature on capital controls and finds that controls can play an important role in developing countries by helping to insulate them from some of the harmful (21) of volatile and short-term capital flows.

The authors look at controls on capital inflows in Malaysia (1989-1995); Colombia (1993-1998); Chile (1989-1998); and Brazil (1992-1998), and also consider the (22) of Malaysia's controls on outflows in 1998-2001. They conclude that there is sufficient backing in both economic theory and empirical evidence to consider more widespread (23) of capital controls in order to (24) some of the macroeconomic problems (25) with short-term capital flows, to enable certain development strategies, and to allow policymakers more flexibility with regard to crucial monetary and exchange rate policies.

The paper follows what appears to be a shift in the position of the International Monetary Fund (IMF) towards such controls. In a February paper, the IMF concluded that "there may be (26) in which capital controls are a legitimate (27) of the policy (28) to surges in capital inflows. " The Fund's Global Financial Stability Report (29) in April 2010 was less sanguine about capital controls, but the net result is that the IMF appears more open to (30) capital controls than in the past.

(21)

A．effects

B．affects

C．influence

D．influences

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更多“Capital Controls and Monetary …”相关的问题

第1题

资本管制（capital controls) 名词解释

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第2题

A国实行资本控制。一年的贸易顺差为8亿美元。 a．贸易顺差对货币供给有什么影响？ b．中央

银行如何冲销贸易顺差的货币影响？ Country A has capital controls and is running a surplus in its trade balance of$800 million a year． a．Whalt is the effect of the trade surplus on the money supply？ b．How can the central bank sterilize the monetary impact of the trade surplus？

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第3题

Despite much loose talk about the new global economy, today's international economic integ

ration is not unprecedented. The 50 years before the first world war saw large cross-border flows of goods, capital and people. That period of globalization, like the present one, was driven by reductions in trade barriers and by sharp falls in transport costs, thanks to the development of railways and steamships. The present surge of globalization is in a way, a resumption (恢复) of that previous trend. The earlier attempt at globalization ended abruptly with the first world war, after which the world moved into a period of fierce trade protectionism and tight restrictions on capital movement. During the early 1930s, America sharply increased its tariffs, and other countries retaliated (报复), making the Great Depression even greater. The volume of world trade fell sharply. International capital flows virtually dried up in the interwar period as governments imposed controls to try to insulate (隔离) their economies from the impact of a global slump.

Capital controls were maintained after the second world war, as the victors decided to keep their exchange rates fixed on arrangement known as the Bretton Woods System, named after the American town in which it was approved. But the big economic powers also agreed that reducing trade barriers was vital to recovery. They set up the General Agreement on Tariffs and Trade (GATT), which organized a series of negotiations that gradually reduced import tariffs. GATT was replaced by the World Trade Organization (WTO) in 1995. Trade flourished.

In the early 1970s, the Bretton Woods System collapsed and currencies were allowed to float against one another at whatever rates the markets set. This signaled the rebirth of global capital market. America and Germany quickly stopped trying to control the inflow and outflow of capital, Britain abolished capital controls in 1979 and Japan (mostly) in 1980. This is part of the reason why continental Europeans tend to worry more about the power of global capital markets. America has been exposed to them for much longer.

Two forces have been driving these increased flows of goods and money. The first is technology. With the costs of communication and computing falling rapidly, the natural barriers of time and space that separate national markets have been falling too. The second driving force has been liberalization. As a result of both the GATT negotiations and unilateral (单方面的，单边的) decisions, almost all countries have lowered barriers to foreign trade. Most countries have welcomed international capital as well.

One of the driving forces of today's globalization is ______ .

A．large cross-border flows of people

B．development of railways and steamships

C．sharp falls in transport costs

D．emergence of network

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第4题

（a) ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understan

(a) ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment describes the five components of an entity’s internal control.

Required:

Identify and briefly explain the FIVE components of an entity’s internal control. (5 marks)

(b) Bonsai Trading Co (Bonsai) manufactures electrical equipment, and its year end is 30 September 2015. You are the audit supervisor of Poplar & Co and are developing the audit programmes for the forthcoming interim audit. The company’s internal audit department has provided you with documentation relating to the non-current assets cycle including the related controls listed below.

– Bonsai has a capital expenditure committee and all purchase orders for capital items are required to be authorised by this committee.

– On receipt, each asset is assigned a unique serial number and this is recorded on the asset and in the non-current assets register.

– When the asset arrives, a goods received note (GRN) is completed which details the nature of the expenditure (i.e. whether it is capital or revenue), and the GRN classification is reviewed and initialled by a responsible official. Copies of the GRNs relating to capital expenditure are then submitted to the finance department for updating of the non-current assets register.

– Periodically, internal audit undertakes a review of assets in the register and compares them to assets on site, using the serial number to confirm existence of the asset.

– Access to the non-current assets register is restricted through passwords to a small number of staff in the finance department.

Required:

Describe a test of control which the auditor of Bonsai Trading Co would perform. to assess whether or not each of the non-current asset controls listed above is operating effectively. (5 marks)

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第5题

Cherry’s internal audit department has provided yo...

Cherry’s internal audit department has provided you with details of the internal controls around the non-current assets cycle. The controls include the following: On receipt, each asset is assigned a unique serial number and this is recorded on the asset and in the non-current assets register. Which TWO of the following describe the MOST RELIABLE audit procedures which enable the auditor to assess whether this control is operating effectively？ 1. Select a sample of capital additions on site, agree that a serial number is recorded on the asset and confirm it is included in the non-current assets register 2. Select a sample of assets recorded on the non-current assets register, confirm that it includes a serial number for each asset and agree the number to the physical asset 3. Inspect the non-current asset register and verify that there are no duplicated serial numbers 4. Observe the receipt of assets to confirm that serial numbers are assigned and recorded

A、1 and 3

B、2 and 3

C、1 and 4

D、2 and 4

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第6题

Globalization, a process whereby owners of capital are enabled to move their capital aroun

d the globe more quickly and easily, has resulted in the removal of state controls on trade and investment, the disappearance of tariff harriers and the spread of new information and communications technologies. In societies around the world, the effects of glohalizati0n have influenced social development. Not only are the influences of globalization apparent in markets, their forces are felt in the processes or working towards equality between men and women. Reda Bebars of Egypt, stressing that the advancement of women would not be achieved by passing legislation, said that social development on the national scale must be strengthened and a climate conducive to development must be created if the goals set in Beijing (at the 1995 Fourth World Conference on Women,) are to be realized.

The problems stem from the fact that women are very differently positioned in relation to the markets in different parts of the world. In certain places, where women are socially excluded from leaving their homes, the challenge is to find ways for women to participate. In other places, the challenge is to create markets which are more friendly to women's participation. Ilham Ibrahim Mohamed Ahmed of Sudan condemned the debt burden carried by developing countries, economic sanctions, arbitrary measures and denial of access to new technological developments as obstacles to the growth of women's rights. Women remain very much in the minority among Internet users and still face huge imbalances in the ownership, control and regulation of new information technologies.

"The gains of globalization have not been equitably distributed and the gap between rich and poor countries is widening," said Zhang Lei of the People's Republic of China.

The gains of globalization thus far have for the most part been concentrated in the hands of better-off women with higher levels of education and with greater ownership of resources and access to capital.

"Work in China and Vietnam shows that globalization has brought new opportunities to young women with familiarity with English in new service sector jobs, but has made a vast number of over-35-year-olds redundant, because they are either in declining industries or have outdated skills," Swasti Mitter of the UN's Women Watch Online Working Group on Women's Economic Inequality said.

What is not the result of globalization？

A．The removal of state controls on trade and investment.

B．The disappearance of tariff barriers.

C．The spread of new information and communications technologies.

D．Owners of capital are enabled to move their capital around the globe more quickly.

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第7题

Globalization, a process whereby owners of capital are enabled to move their capital aroun

d the globe more quickly and easily, has resulted in the removal of state controls on trade and investment, the disappearance of tariff barriers and the spread of new information and communications technologies. In societies around the world, the effects of globalization have influenced social development. Not only are the influences of globalization apparent in markets, their forces are felt in the processes or working towards equality between men and women. Reda Bebars of Egypt, stressing that the advancement of women would not be achieved by passing legislation, said that social development on the national scale must be strengthened and a climate conducive to development must be created if the goals set in Beijing (at the 1995 Fourth World Conference on Women I are to be realized.

The problems stem from the fact that women are very differently positioned in relation to the markets in different parts of the world. In certain places, where women are socially excluded from leaving their homes, the challenge is to find ways for women to participate. In other places, the challenge is to create markets which are more friendly to women's participation. Ilham Ibrahim Mohamed Ahmed of Sudan condemned the debt burden carried by developing countries, economic sanctions, arbitrary measures and denial of access to new technological developments as obstacles to the growth of women's rights. Women remain very much in the minority among Internet users and still face huge imbalances in the ownership, control and regulation of new information technologies.

"The gains of globalization have not been equitably distributed and the gap between rich and poor countries is widening," said Zhang Lei of the People's Republic of China.

The gains of globalization thus far have for the most part been concentrated in the hands of better-off women with higher levels of education and with greater ownership of resources and access to capital.

"Work in China and Vietnam shows that globalization has brought new opportunities to young women with familiarity with English in new service sector jobs, but has made a vast number of over-35-year-olds redundant, because they are either in declining industries or have outdated skills," Swasti Mitter of the UN's Women Watch Online Working Group on Women's Economic Inequality said.

What is not the result of globalization？

A．The removal of state controls on trade and investment.

B．The disappearance of tariff barriers.

C．The spread of new information and communications technologies.

D．Owners of capital are enabled to move their capital around the globe more quickly.

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第8题

Part ADirections: Read the following four texts. Answer the questions below each text by c

Part A

Directions: Read the following four texts. Answer the questions below each text by choosing A, B, C or D. (40 points)

Globalization, a process whereby owners of capital are enabled to move their capital around the globe more quickly and easily, has resulted in the removal of state controls on trade and investment, the disappearance of tariff barriers and the spread of new information and communications technologies. In societies around the world, the effects of globalization have influenced social development. Not only are the influences of globalization apparent in markets, their forces are felt in the processes or working towards equality between men and women. Reda Bebars of Egypt, stressing that the advancement of women would not be achieved by passing legislation, said that social development on the national scale must be strengthened and a climate conducive to development must be created if the goals set in Beijing (at the 1995 Fourth World Conference on Women) are to be realized. The problems stem from the fact that women are very differently positioned in relation to the markets in different parts of the world. In certain places, where women are socially excluded from leaving their homes, the challenge is to find ways for women to participate. In other places, the challenge is to create markets which are more friendly to women's participation. Ilham Ibrahim Mohamed Ahmed of Sudan condemned the debt burden carried by developing countries, economic sanctions, arbitrary measures and denial of access to new technological developments as obstacles to the growth of women's rights. Women remain very much in the minority among Internet users and still face huge imbalances in the ownership, control and regulation of new information technologies.

"The gains of globalization have not been equitably distributed and the gap between rich and poor countries is widening," said Zhang Lei of the People's Republic of China.

The gains of globalization thus far have for the most part been concentrated in the hands of better-off women with higher levels of education and with greater ownership of resources and access to capital.

"Work in China and Vietnam shows that globalization has brought new opportunities to young women with familiarity with English in new service sector jobs, but has made a vast number of over-35-year-olds redundant, because they are either in declining industries or have outdated skills," Swasti Mitter of the UN's Women Watch Online Working Group on Women's Economic Inequality said.

According to the text, what role has English played during the process of globalization？

A．Created new education opportunities.

B．It has sped up the process of globalization.

C．Opened the doors for new opportunities and increased the number of young women in the working world.

D．Increased the number of skilled women.

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第9题

5 You are the manager responsible for the audit of Blod Co, a listed company, for the year

ended 31 March 2008. Your

firm was appointed as auditors of Blod Co in September 2007. The audit work has been completed, and you are

reviewing the working papers in order to draft a report to those charged with governance. The statement of financial

position (balance sheet) shows total assets of $78 million (2007 – $66 million). The main business activity of Blod

Co is the manufacture of farm machinery.

During the audit of property, plant and equipment it was discovered that controls over capital expenditure transactions

had deteriorated during the year. Authorisation had not been gained for the purchase of office equipment with a cost

of $225,000. No material errors in the financial statements were revealed by audit procedures performed on property,

plant and equipment.

An internally generated brand name has been included in the statement of financial position (balance sheet) at a fair

value of $10 million. Audit working papers show that the matter was discussed with the financial controller, who

stated that the $10 million represents the present value of future cash flows estimated to be generated by the brand

name. The member of the audit team who completed the work programme on intangible assets has noted that this

treatment appears to be in breach of IAS 38 Intangible Assets, and that the management refuses to derecognise the

asset.

Problems were experienced in the audit of inventories. Due to an oversight by the internal auditors of Blod Co, the

external audit team did not receive a copy of inventory counting procedures prior to attending the count. This caused

a delay at the beginning of the inventory count, when the audit team had to quickly familiarise themselves with the

procedures. In addition, on the final audit, when the audit senior requested documentation to support the final

inventory valuation, it took two weeks for the information to be received because the accountant who had prepared

the schedules had mislaid them.

Required:

(a) (i) Identify the main purpose of including ‘findings from the audit’ (management letter points) in a report

to those charged with governance. (2 marks)

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第10题

听力原文：M: And now with us on today's program we have Lucy Draper. She is an expert on ha

ndwriting analysis and has published a number of books on the subject. Lucy, welcome.

W: Thank you very much.

M: It is well known that there are many different features of one's handwriting. What are these features exactly？

W: Well, there is the slant of the writing, the pressure and spacing, the capital letters, the margins and the signature. They all play a part in handwriting analysis.

M: Perhaps we can begin by looking at the question of slant.

W: Okay. Well, basically there are three kinds of slant: right, left and upright, though sometimes you may come across a mixture. If your handwriting slants to the right, it shows a friendly and sociable disposition. You enjoy human contact and like to have people around you. However, if your handwriting definitely slants to the left, it shows an introspective nature, often shy and reserved. You are more interested in your own feelings than other people's. If your handwriting is upright, it reveals very good self-control, and your head usually controls your heart.

M: What about size of handwriting？ Does the size of one's handwriting tell us something？

W: Yes. Well, basically very large handwriting belongs to the extroverts and socially-minded people. They enjoy attention and admiration. The small writer, on the other hand, is more concerned with things than people. Small writing is often found in the handwriting of many scientists and intellectual. They generally are not interested in an active social life. Medium handwriting shows a good balance between mind and emotion. Such writers are generally able to communicate and mix without being either reserved or over familiar.

M: So let's put theory to practice. What would you say to this sample of handwriting？

W: Well, this more rounded, medium-sized handwriting shows a lively personality who enjoys companionship. She is talkative, see the small open a's and o's, and has a friendly approach to people. But the wide space between the words indicates that she can keep her personal distance when necessary. Whose handwriting is this？

M: Well, to tell you the truth, that's my wife's handwriting.

(47)

A．Programme writing.

B．Note-taking techniques.

C．Handwriting analysis.

D．Sample collecting.

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